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Urgent purchage loan problem needs help

I have a 30 days late payment and it was reported to credit bureau in early Jan and I paid it off right way after I got the credit alert. I applied the loan in late January and approved with a good rate. My loan agent told me now that the bank will charge me 2 points because of the late payment and my credit score is dropped below 700. I checked my latest credit score and it was  back  to about 730.  I want to know if the bank should have this late payment info when they get the credit report. since my credit score comes back, will it help to reserve the old rate with bank? 
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February 15 2009 - San Jose
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Answers (11)

Emmett,

I am going to give you the benefit of the doubt and assume you missed tha fact that the thread is more than 2 weeks old....and an urgent response would/should have been made back on 2/15...not 3/4.
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March 04 2009
you'll have to have the agency that ran the credit report re-do the report. Yes, the FICO report we generate as lenders/brokers is a bit different than what you get on the consumer end of the bureau's websites.  I'd be surprised if your score improved after showing a zero balance unless you can get a letter from the creditor showing it was a mistake and they can remove it altogether. That stinks!   Worse case is you may want to flip the loan to an FHA deal since the scores are affected... or take a little higher rate on the conventional loan.
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March 04 2009
If your credit score did in fact come back up, then the lender can rerun the credit and see where you stand.  Since I do not know what type of mortgage you are going for, i.e.- conforming or conventional, a score below a 700 can definetly impact the closing costs.
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February 16 2009
They won't know if your score changed unless they repull it.  You can ask them to repull it or try someone else.  Two points for falling below 700 is way too much.

Yes, the credit report you see should be the same as what we see as long as you got it from a reliable credit reporting source.

Good luck.
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February 16 2009
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Another question:  Is  the credit report I got from credit bureau  same as those are given to lenders assuming on the same day? I was told that mortgage/loan credit is more strict than consumer credit. and want to know from the credit bureau side weather they are same.
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February 16 2009
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it wil close within the week.

I have the credit monitoring service and find the score did dropped below 700 after they told me but it does come up again now. But I don't know what exactly looks like on Jan 27. My logic is that if it is soly based on credit score, the score does come back, there is no excuse for the point, if they are based on info, the late payment info should be there when they pulled my credit report. but I am not sure how the whole process works and would like to get some more info about those.
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February 16 2009
Janes, I am surprised a late in January showed up on January 27th.  Did they give you a Fico Score Disclosure?   This document discloses your credit score, so someone can't say your score is 600, so I have to charge you an extra 2 points.

Yes, on conventional loans, credit scores can affect rates or points.   However, that is a big hit for just falling under 700.  And, not all will do a rapid rescore. I don't work for the credit bureau, but I would think it would be tough for the score to rebound 30 points in one month (30 days after a late).

Anyway, can you submit another application to another lender to see if you are getting a fair deal?  When are you closing?  This sounds a little fishy.
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February 16 2009
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Let me rephrase my question:

1.Should the bank have the 30 past due info when they get my credit report on Jan 27 ?  The credit bureau received the notice before Jan 15.

2. Since my score comes back, should the bank remove the 2 point penalty ?

3. Do I have the right to ask for a copy of  the credit report  copy the bank or the loan office pulled?

4. Normally, will the negative info impact the credit score right way?
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February 15 2009
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I see two inquiries report On Jan 27 from my credit report. I should be from the bank. 
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February 15 2009

Did they pull your credit report when you say you applied for the loan and approved with a good rate?

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February 15 2009
janesj,  Not sure I am actually understanding your question...you may want to re-phrase it.  But if I am thinking what you're thinking, perhaps you should ask your loan officer to do a rapid rescore.  If your score truly "popped back up", the rescore should provide the lender what he/she needs to get your rate back to its original.  Best wishes!
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February 15 2009
 
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